Note : This document has been translated from a part of the Japanese original for reference purposes only. In the event of any
discrepancy between this translated document and the Japanese original, the original shall prevail.

UNITED, Inc.
Consolidated Financial Report For the 2nd Quarter of FY 2023
(Japanese Accounting Standards)
November 9, 2023
Company name:
Stock code:
Representative:
Contact:
Tel:

UNITED, Inc.
Stock exchange listing:
2497
URL:
Tomonori Hayakawa, CEO
Yuji Yamashita, Director and General Manager of Corporate Administration Division+81-3-6821-0000

Scheduled date for filing of quarterly securities report:
Scheduled date of commencement of dividend payment:
Supplementary documents for quarterly results:
Quarterly results briefing:

Tokyo Stock Exchange
https://united.jp/

November 9, 2023
December 8, 2023
Yes
Yes
( For institutional investors and securities analysts)(Amounts of less than one million yen are rounded down)

1.Financial Highlights(1) Results of Operations(Percentages are shown as year-on-year changes)
Net sales

Operating profit

Profit attributableto owners of the parent

Ordinary profit

Mil.¥%

Mil.¥%

Mil.¥%

Mil.¥%

2nd Quarter of FY 2023

9,17038.2

5,36871.2

5,37971.0

3,080

29.7

2nd Quarter of FY 2022

6,637

△18.1

3,136

△31.2

3,146

△30.92,374△24.5(Note) Comprehensive income :2nd Quarter of FY 2023

△856 Mil.¥ (―%)

2nd Quarter of FY 2022

△2,299 Mil.¥ (―%)

Profitper share (basic)

Profitper share (diluted)
YenYen2nd Quarter of FY 2023

78.77

78.70

2nd Quarter of FY 2022

59.44

59.40(Notes) We have conducted the 2-for-1 stock split of its common stock with an effective date of June 1, 2023.
Earnings per share and diluted earnings per share are calculated as if the stock splits had been conducted at the beginning of FY 2022.

(2) Financial Position
Total assets

2nd Quarter of FY 2023

Net assets

Equity ratio

Mil.¥

Mil.¥

%

30,002

25,48284.1

32,31826,647

81.7(As of September 30, 2023)
FY 2022(As of March 31, 2023)(Reference) Shareholder's Equity :2nd Quarter of FY 2023

25,238 Mil.¥FY 2022

26,402 Mil.¥

2.Dividend Per Share
End of 1stQuarterEnd of 2ndQuarterEnd of 3rdQuarter

Yen

YenYenYen

Yen

FY 2022―20.00

―

23.00

43.00

FY 2023

―

24.00
―

24.00

48.00

FY 2023(Forecasted)Year-end

Annual(Notes) (1) Revisions to dividend forecasts published most recently : None
(2) The forecasted dividend amounts for the FY 2023 are not determined at the present moment.
(3) We have conducted the 2-for-1 stock split of its common stock with an effective date of June 1, 2023.
Dividends
Dividends
perpershare
sharefor ofFYFY
2022
2022
is calculated
is the amountbasedofon
actualthe numberdividendsof shares
beforetaking
the stock
into accountsplit is stated.
the stock split.

3. Forecasts of consolidated results of operations for FY 2023
(Percentages show year-on-year changes)

Net sales

FY 2023

Operating profit

Profit attributable toowners of the parent

Ordinary profit

Profit per share

Mil.¥％

Mil.¥

％

Mil.¥

％

Mil.¥

％

Mil.¥

13,150

0.1

5,000

△14.1

5,000

△14.5

2,650

△36.067.50(Note) Revisions of the forecasts of consolidated results since the latest announcement : Yes*Notes(1) Significant changes in scope of consolidation：No(2) Application of particular accounts procedures to the preparation of quarterly consolidated：

No(i) Changes in accounting policies caused by revision of accounting standards：No(ii) Changes in accounting policies other than (i)：No(iii) Changes in accounting estimates：No(iv) Restatement：

Nofinancial statement(3) Changes in accounting policies and changes or restatement of accounting estimates(4) Number of shares issued (common stock)(i)

Number of shares issued at end of the year

2nd Quarter of FY 2023

40,412,690 shares

FY 2022

40,412,690 shares

2nd Quarter of FY 2023

1,239,758 sharesFY 2022

1,335,798 shares

2nd Quarter of FY 2023

39,112,568 shares

2nd Quarter of FY 2022

39,951,136 shares(including treasury shares)(ii)

Number of treasury shares issued
at end of the year(iii) Number of average shares outstanding
during the term(Note) We have conducted the 2-for-1 stock split of its common stock with an effective date of June 1, 2023.
Total shares outstanding including treasury shares, treasury shares, and average outstanding shares are calculated as if the stock splits had been
conducted at the beginning of FY 2022.

*Status of a quarterly review- Quarterly consolidated financial results are not subject to a quarterly review by certified public accountants or audit corporations*Explanations and other special notes concerning the appropriate use of business results forecasts- The video of the financial results briefing for the 2nd Quarter of FY 2023 will be delivered to institutional investors and analysts
via our website. The materials used in this video will be available on our website.

UNITED Consolidated Financial Statements(1) UNITED Consolidated Balance Sheetfor the 2nd Quarter of FY 2023
Items of an accountFY 2022(As of March 31, 2023)
Amount(Unit : Thousands of Yen)
2nd Quarter of FY 2023
(As of September 30, 2023)
AmountAssetsCurrent assets
Cash and deposits

13,370,743

16,142,448

Accounts receivable - trade

1,061,233

943,207

Operational investment securities

11,236,595

8,216,072

Inventories

30,397

37,245Derivatives

1,942,923

1,621,289

Other

271,640

384,172

Allowance for doubtful accounts△21,662△19,876

27,891,871

27,324,559

310,977

296,052

Goodwill

905,899

273,113

Other299,394

316,438

1,205,294

589,552

2,088,959-

821,251

1,792,005

2,910,211

1,792,005

4,426,483

2,677,610

32,318,354

30,002,169

Accounts payable - trade739,442

837,874

Short-term borrowings

100,000

100,000

Current portion of long-term borrowings

47,72027,9501,201,741

1,697,548

688,759

637,601

2,777,664

3,300,974

Long-term borrowings

54,90054,370

Deferred tax liabilities

2,838,741

1,163,984

Total non-current liabilities

2,893,641

1,218,354

5,671,305

4,519,328

Share capital

2,923,0192,923,019

Capital surplus

379,270439,977

Retained earnings

17,437,075

20,068,401

Treasury shares△1,068,576△991,748

Total shareholders' equity

19,670,789

22,439,649

Valuation difference on available-for-sale securities

3,934,443

1,673,736

Deferred gains or losses on hedges

2,797,321

1,124,850

Total accumulated other comprehensive income

6,731,764

2,798,587

Share acquisition rights

222,743

222,426

Non-controlling interests

21,751

22,176

26,647,048

25,482,840

32,318,354

30,002,169

Total current assets
Non-current assets
Property, plant and equipment
Intangible assets

Total intangible assets
Investments and other assets
Derivatives
Other
Total investments and other assets
Total non-current assets
Total assets
Liabilities
Current liabilities

Income taxes payable
Other
Total current liabilities
Non-current liabilities

Total liabilities
Net assets
Shareholders' equity

Accumulated other comprehensive income

Total net assets
Total liabilities and net assets

(2) UNITED Consolidated Statement of Income
for the 2nd Quarter of FY 2023
Items of an account(Unit : Thousands of Yen)
2nd Quarter of FY 2023
(April 1, 2023
to September 30, 2023)
Amount2nd Quarter of FY 2022
(April 1, 2022
to September 30, 2022)
AmountNet sales

6,637,534

9,170,910

Cost of sales

2,135,728

2,108,032

Gross profit

4,501,806

7,062,878

Selling, general and administrative expenses

1,365,097

1,694,400

Operating profit

3,136,708

5,368,477

6378

10,389

-

672

4,153

2,307210

Gain on valuation of crypto assets-613

Gain on reversal of office relocation expense

-

6,279

Received settlement fee-

1,862Other

7,186

4,106

Total non-operating income

20,61817,303

1,079924

-

3,765

86-

Loss on valuation of crypto assets

5,686

-

Expense related to restricted stock

3,044

-

900

1,369

10,797

6,059

3,146,529

5,379,721

9,522

-

Transfer of rights income

350,000-

Total extraordinary income

359,522

-

2,667

-

Impairment losses-

570,313

Loss on step acquisitions-

580

Total extraordinary losses

2,667

570,894

Profit before income taxes

3,503,384

4,808,827

Income taxes - current

1,149,117

1,760,162

Income taxes - deferred△20,343△28,104

Total income taxes

1,128,774

1,732,058

Profit2,374,610

3,076,768-△3,941

2,374,610

3,080,710

Non-operating income
Interest and dividend income
Share of profit of entities accounted for using equity method
Foreign exchange gains
Gain on forfeiture of unclaimed dividends

Non-operating expenses
Interest expenses
Share of loss of entities accounted for using equity method
Commission expenses

Other
Total non-operating expenses
Ordinary profit
Extraordinary income
Gain on reversal of share acquisition rights

Extraordinary losses
Loss on retirement of non-current assets

Loss attributable to non-controlling interests
Profit attributable to owners of parent

(3) UNITED Consolidated Statement of Comprehensive Income
for the 2nd Quarter of FY 2023

(Unit : Thousands of Yen)

Items of an account

2nd Quarter of FY 2022

2nd Quarter of FY 2023

(April 1, 2022

(April 1, 2023

to September 30, 2022)

to September 30, 2023)

AmountAmount2,374,610

3,076,768△4,575,879△2,260,706

Deferred gains or losses on hedges△98,446△1,672,470

Total other comprehensive income△4,674,326△3,933,176△2,299,715△856,407△2,299,715△860,349-3,941

ProfitOther comprehensive income
Valuation difference on available-for-sale securities

Comprehensive income
Comprehensive income attributable to owners of parent
Comprehensive income attributable to non-controlling interests

(4) UNITED Consolidated Statements of Cash Flowsfor the 2nd Quarter of FY 2023

(Unit : Thousands of Yen)

Items of an account

2nd Quarter of FY 2022

2nd Quarter of FY 2023

(April 1, 2022

(April 1, 2023

to September 30, 2022)

to September 30, 2023)

AmountAmountCash flows from operating activities
3,503,384

4,808,827

69,02475,561-

570,313

Amortization of goodwill

69,548117,327

Share-based payment expenses

25,672

33,216

Increase (decrease) in allowance for doubtful accounts

1,097△1,785Interest and dividend income

△63

△78

Interest expenses

1,079

924

△10,389

3,765

2,667

-

△350,000-

302,633

124,663△230,073△137,128

Increase (decrease) in trade payables

15,394

94,310

Other, net

149,454△149,852

Subtotal

3,549,432

5,540,065

63

78△1,071△799△1,057,968△1,251,185

2,490,455

4,288,159

Purchase of property, plant and equipment△6,528△7,660Purchase of intangible assets△81,750△70,178

Purchase of investment securities△217,308△1,000,000

Purchase of shares of subsidiaries resulting in change in scope of consolidation△628,776△34,657

350,000-

3,356△1,940△581,008△1,114,435

Repayments of long-term borrowings△75,444△23,300

Purchase of treasury shares△862,277-

Decrease (increase) in deposits for purchase of treasury shares△139,387-

Dividends paid

△402,658△448,359

Proceeds from exercise of employee share options-11,944

Proceeds from share issuance to non-controlling shareholders-57,696△1,479,767△402,018

429,679

2,771,705

Cash and cash equivalents at beginning of period

12,165,526

13,370,743

Cash and cash equivalents at end of period

12,595,206

16,142,448

Profit before income taxes
Depreciation
Impairment losses

Share of loss (profit) of entities accounted for using equity method
Loss on retirement of non-current assets
Transfer of rights income
Decrease (increase) in trade receivables
Decrease (increase) in operational investment securities

Interest and dividends received
Interest paid
Income taxes refund (paid)
Net cash provided by (used in) operating activities
Cash flows from investing activities

Proceeds from transfer of rights
Other, net
Net cash provided by (used in) investing activities
Cash flows from financing activities

Net cash provided by (used in) financing activities
Net increase (decrease) in cash and cash equivalents